Investor claims 7-minute MicroStrategy STRF delay — forgets market closes
Misinformation about MicroStrategy securities is rampant on social media, and a claim about an incredible delay in purchase orders for the company’s Strife (STRF) is the latest, egregious example. According to Josh Mandell, the $6 trillion asset manager and brokerage Fidelity didn’t fill his market buy order for STRF for over seven minutes. Moreover, in his dubious view, the actual best offer that Fidelity quoted to him could not be real and, due to the ostensible delay, “is obviously higher than quoted.” If true, the reasons for such an extended delay would have had more to do with how stock markets function than MicroStrategy , its founder, Michael Saylor, or the company’s preferred stock. A market buy is an exchange-regulated order to a broker to immediately fill a specified number of shares at the best available prices among prevailing offers. However, exchanges only set rules on the orders that brokers accept during their hours of operation. Unlike di...